It’s Update Your Will Week (3rd-9th March) and the Wills, Trusts and Estate Planning Team has compiled a list of the most frequently asked questions when helping their clients prepare Wills.
Over half of UK adults don’t have a Will. The thought of making one can seem complicated and this seems to be one of the many reasons why they put off creating one.
There are so many benefits of having a Will in place, including peace of mind. Having your Will properly drafted by professionals can also lessen the risk of complications around your estate after your death.
Do I have to make a Will?
If you don’t have a valid Will when you die your estate will be distributed under the rules of Intestacy, which means that it may not pass to the people you would like it too, particularly if you are unmarried.
What is an executor?
Executors are the people you name in your Will to administer your estate after you die. Many choose to appoint close family members or friends who they can trust.
Do we need to have professional executors?
No, you don’t but depending on your circumstances it may be the best option for you.
Do my executors have to follow my funeral wishes?
Funeral wishes are not legally binding, but if you make your wishes known they are usually followed, if they are possible.
Will my debts die with me?
If you have debts when you die, such as a mortgage or bank loan, then these have to be paid first as a priority before your beneficiaries receive anything. Debts are only written off if you leave nothing behind.
How can I ensure that my Will can’t be contested?
Having a properly drafted Will can help reduce the chances of contention. You may like to include a letter explaining your decisions or discuss your choices with your family prior to your death. Registering your Will and having it safely stored can also help ensure that your executors know where it is and that it is the most recent version.
Can I include digital assets?
Yes, they make up part of your estate as much as physical assets. We now offer the Dutton Gregory Digital Vault that provides you with a secure, online space to store all of your important documents from legal and financial documents to business and medical records. In the event of your death, Dutton Gregory’s Digital Vault enables the quick and secure delivery of the contents of your vault to your executors and anyone you have delegated access to.
Can I make changes further down the line if I need or want to?
Yes, you can make minor changes with a codicil, which is a legal document that changes an existing Will. However, if you have significant changes to make, you may want to consider having a new Will drafted.
